Will Bitcoin (BTC) Price Hit $70K By April End? Decoding The Possibility
The post Will Bitcoin (BTC) Price Hit $70K By April End? Decoding The Possibility appeared first on Coinpedia Fintech News
Bitcoin has seen a remarkable rally, surging by 35% to $52,000. This upward trajectory has caught the attention of investors, particularly with the impending mining reward halving scheduled for April. The mining reward halving, a process in which the rate at which new Bitcoins are created is reduced by half, is a significant event in the Bitcoin ecosystem and has historically been associated with bullish price movements.
With a 20% chance of Bitcoin hitting $70K, traders are skeptical!
However, Options data from Lyra Finance, a decentralized marketplace for crypto options, indicates a 20% probability of Bitcoin surpassing $70,000 by the end of April. Here’s how it’s possible.
In an interview, Nick Forster, founder of Lyra and former options trader on Wall Street, discussed the market’s future. He said that traders are cautiously optimistic. Even though Bitcoin has been on a recent rise, people don’t think it will hit new all-time highs soon. For now, though, the fact that buyers are even thinking about this shows how the crypto market is changing.
Bitcoin’s price increased more than expected, but traders aren’t sure if a new all-time high above $70,000 is likely. In the options market, traders position themselves in a way that shows investors caution. Options give you the right to buy or sell a commodity at a specific price in the future. They can tell you much about the market’s work and what people expect.
Rally Catalyst
The rally in Bitcoin’s price is pumped by several factors, which include strong inflows into U.S.-based spot ETFs (Exchange-Traded Funds) and expectations of continued tax breaks in the United States. Additionally, the upcoming mining reward halving in April has contributed to bullish sentiment, as it is expected to reduce the rate of Bitcoin supply expansion by 50%.
However, Lyra Finance, the world’s largest decentralized crypto options platform, has seen significant interest in Bitcoin options with an April 26 expiry. These options allow traders to speculate on price movements before and after the reward halving, providing an opportunity to capitalize on potential price fluctuations.
Overall, while there is optimism in the market regarding Bitcoin’s price prospects, traders are also mindful of the potential risks and uncertainties. The options market provides valuable insights into investor sentiment and expectations, helping traders make informed decisions in an ever-changing market environment.
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Will Bitcoin (BTC) Price Hit $70K By April End? Decoding The Possibility
The post Will Bitcoin (BTC) Price Hit $70K By April End? Decoding The Possibility appeared first on Coinpedia Fintech News
Bitcoin has seen a remarkable rally, surging by 35% to $52,000. This upward trajectory has caught the attention of investors, particularly with the impending mining reward halving scheduled for April. The mining reward halving, a process in which the rate at which new Bitcoins are created is reduced by half, is a significant event in the Bitcoin ecosystem and has historically been associated with bullish price movements.
With a 20% chance of Bitcoin hitting $70K, traders are skeptical!
However, Options data from Lyra Finance, a decentralized marketplace for crypto options, indicates a 20% probability of Bitcoin surpassing $70,000 by the end of April. Here’s how it’s possible.
In an interview, Nick Forster, founder of Lyra and former options trader on Wall Street, discussed the market’s future. He said that traders are cautiously optimistic. Even though Bitcoin has been on a recent rise, people don’t think it will hit new all-time highs soon. For now, though, the fact that buyers are even thinking about this shows how the crypto market is changing.
Bitcoin’s price increased more than expected, but traders aren’t sure if a new all-time high above $70,000 is likely. In the options market, traders position themselves in a way that shows investors caution. Options give you the right to buy or sell a commodity at a specific price in the future. They can tell you much about the market’s work and what people expect.
Rally Catalyst
The rally in Bitcoin’s price is pumped by several factors, which include strong inflows into U.S.-based spot ETFs (Exchange-Traded Funds) and expectations of continued tax breaks in the United States. Additionally, the upcoming mining reward halving in April has contributed to bullish sentiment, as it is expected to reduce the rate of Bitcoin supply expansion by 50%.
However, Lyra Finance, the world’s largest decentralized crypto options platform, has seen significant interest in Bitcoin options with an April 26 expiry. These options allow traders to speculate on price movements before and after the reward halving, providing an opportunity to capitalize on potential price fluctuations.
Overall, while there is optimism in the market regarding Bitcoin’s price prospects, traders are also mindful of the potential risks and uncertainties. The options market provides valuable insights into investor sentiment and expectations, helping traders make informed decisions in an ever-changing market environment.
Read More